New Orders for Durable Goods in the US rose by just 0.1% MoM in preliminary May data (better than the -0.5% exp, but that was thanks to a major downward revision in April from +0.6% to +0.2%).
Source: BloombergThe last four months have seen gains ebb rapidly and now durable goods orders are down 1.2% on a YoY basis.Of course, this is constantly flattered before it’s revised later – 4 of the last 5 months have been revised lower (and 8 of the last 12)…
Source: BloombergCore Capital Goods Orders (non-defense, ex-aircraft) plunged 0.6% MoM (well below the +0.1% exp), matching the biggest drop this year…
Source: Bloomberg…with both defense and non-defense spending slowing…
Source: BloombergFurthermore, Capital Goods shipments non-defense, ex-aircraft plunged 0.5% MoM – a big drop for a key signal of business spending and GDP…
Source: BloombergHow many times can a data series be downwardly revised before conspiracies about manipulated data flip from theory to actual ‘standard operating procedure’?More By This Author:Continuing Jobless Claims Rise To Highest Since Nov 2021 As Usual All U.S. Banks Pass the Fed’s “Stress” Test; Goldman Unexpectedly Has 2nd Ugliest Credit Card PortfolioSolid 5Y Auction Stops Through As Foreign Demand Jumps To 4 Month High
